Lei received bribes from four people, including Li Hongtao,
the chairman of Leed International Education Group, the report
said. Li paid the bribes in order to secure a majority stake in
a private college partially owned by Yunnan Tin, the newspaper
reported.

Leed was formed in 2008 as a joint venture between Goldman
Sachs Group Inc. and Beijing National Education Group, the
Financial Times reported yesterday. David Wells, a Goldman
spokesman in New York, declined to comment.

The investigation comes amid President Xi Jingping’s
campaign to tackle corruption in the communist party. Four
PetroChina Co. officials and the company’s former chairman are
currently being investigated in the highest-profile case in the
anti-graft push.

Lei is under investigation for “severe discipline
violation,” Yunnan Tin said in a July 8 filing to the Shenzhen
Stock Exchange.

Goldman made a follow-on $41.5 million investment in 2010
in Leed, according to AsiaLaw Profiles, a law firm ranking
publication owned by Euromoney Institutional Investor Plc. The
FT didn’t mention the size of Goldman’s stake.

Yunnan Tin is unable to comment, according to an employee
who answered the company’s phone number and declined to give her
name.

Calls to Cui Zhitao and Ding Shaoxiang, spokesmen for the
Yunnan provincial government, went unanswered. No one at Leed’s
office in Beijing was available to comment, said an employee who
asked not to be identified.

Yunnan Tin fell 3.6 percent, the most in a almost a month,
to 13.01 yuan at the close in Shenzhen.